Fintech OppFi Faces CFPB Probe of Military Lending Activities

Opportunity Finance LLC is cooperating with a Consumer Financial Protection Bureau probe of its lending to servicemembers and their families, the company revealed in a securities filing.

The fintech lending platform, which plans to go public through a special purpose acquisition company, received a civil investigative demand from the CFPB related to potential violations of the Military Lending Act, according to a Thursday proxy filing.

The MLA caps the interest rates on loans issued to members of the military and their families at 36%.

“OppFi has responded to the CFPB to refute the number of affected consumers. OppFi intends to ...